Today campaigners of the Robin Hood Tax Campaign presented a cheque for €1.8bn at Leinster House in Dublin. It represents the amount of revenue a Financial Transaction Tax (FTT) could raise over the 5 year lifespan of the next Government. Also called the Robin Hood Tax, its implementation would oblige financial institutions to pay a tiny tax on trading in bonds, shares and derivatives.

Today campaigners of the Robin Hood Tax Campaign presented a cheque for €1.8bn at Leinster House in Dublin. It represents the amount of revenue a Financial Transaction Tax (FTT) could raise over the 5 year lifespan of the next Government. Also called the Robin Hood Tax, its implementation would oblige financial institutions to pay a tiny tax on trading in bonds, shares and derivatives.

Nina Sachau from Robin Hood Tax Campaign Ireland: “As the new Government is being negotiated it is becoming clear that difficult decisions will be made in relation to how budgets are allocated. Given these realities, we simply cannot understand why the main political parties continue to ignore the potential of a Financial Transaction Tax, and stand by the banks. However, we were delighted to be greeted today by People Before Profit and the Green Party who are both supporting the implementation of the tax.”

“The revenue raised by the Financial Transaction Tax in Ireland could help solve a lot of problems the financial institutions have helped create and led to our economic crisis. The revenue could by example help solve the housing crisis, address child poverty and be invested into better public services. We urge the main parties to introduce the tax in the next Programme for Government, especially in light of 10 other EU countries introducing it within the year.”

Currently 43 Irish Civil Society Organisations are joining the call for a Robin Hood Tax in Ireland. They include the Irish Congress of Trade Unions, Mandate, UNITE the Union, SIPTU, Trocaire, Christain Aid, Oxfam, Feasta, Cultivate; European Anti Poverty Network, the Irish Naitonal Organisation of the Unemployed, Social Justice Ireland, and the National Women’s Council of Ireland. Full list of coalition members here http://www.robinhoodtax.ie/coalition

The ten Member States involved in bringing forward this Financial Transactions Tax include Germany, France, Greece and Spain. The tax will raise 0.1% on trading in bonds and 0.01% on trading in derivatives. The proposal has been advanced through an ‘enhanced cooperation procedure’. The final agreement, including tax rates, is expected in June 2016. The Irish Government has to date failed to opt into the EU enhanced cooperation procedure that obliges financial institutions to pay a tax on bonds, shares and derivatives.

Only two Irish parties are currently supporting the Financial Transaction Tax: People Before Profit and the Green Party, who both met up today with Robin Hood Tax campaigners in front of Leinster House.

The Robin Hood Tax Campaign is a campaign by Claiming Our Future.

Claiming our Future is a civil society, non-party political network of people and organisations committed to an Ireland based on the values of equality, environmental sustainability, participation, accountabilty and solidarity. It is based in 12 Parliament Street, Dublin 2.

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